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PenFed Gold Visa Pre-Approval

Rebuild2019
Established Contributor

PenFed Gold Visa Pre-Approval

Hello, Today I received a pre-approval for a PenFed Gold Visa. I am not a member. The pre-approval has 12-months balance transfer for 0.00 APR and after that a solid 17.99% APR. Are PenFed offers reliable if the offer has a solid 17.99% APR. What’s the PenFed process like? I have no baddies. Thank you

CARDS: Discover It | QuickSilver One | Kohl’s | BB&T Spectrum Cash Rewards | BB&T Bright | NFCU CashRewards | NFCU More Rewards | AMEX BCE | Verizon Visa | Wells Fargo Platinum | Amazon Prime | OverStock
Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 1 of 30
29 REPLIES 29
gingerflower
Valued Contributor

Re: PenFed Gold Visa Pre-Approval

I would go ahead apply for offer and at the same time join Penfed membership.  Your offer already have a Apr offer of 17.99 and a 12 month 0% transfer offer. Good luck if you decide to apply and pls keep us posted!

Message 2 of 30
AllZero
Super Contributor

Re: PenFed Gold Visa Pre-Approval

Congratulations on your offer! Data points suggest offer is pretty solid with approvals if you check the approvals and application sub forum.

Good luck!
Message 3 of 30
CreditCuriosity
Moderator

Re: PenFed Gold Visa Pre-Approval

I personally would not go for it unless you need it.. That is the highest APR for that card and that card has no rewards.  Ideally one would get the lowest APR with that card.  If you aren't in need of that card for credit or 0% whatever I would hold off for better terms or until your CR is in better shape for better terms.  Just my 2 cents.

Message 4 of 30
Rebuild2019
Established Contributor

Re: PenFed Gold Visa Pre-Approval

Thanks @gingerflower. I will let you know. I really know nothing about PenFed. All info is a big help.

CARDS: Discover It | QuickSilver One | Kohl’s | BB&T Spectrum Cash Rewards | BB&T Bright | NFCU CashRewards | NFCU More Rewards | AMEX BCE | Verizon Visa | Wells Fargo Platinum | Amazon Prime | OverStock
Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 5 of 30
Rebuild2019
Established Contributor

Re: PenFed Gold Visa Pre-Approval

Thanks @AllZero. I am surprised to get the offer. Not sure about what to do. Have to think about it. It still feels good and you know how far I have come. A few years ago I would not have a pre-approval from them.

CARDS: Discover It | QuickSilver One | Kohl’s | BB&T Spectrum Cash Rewards | BB&T Bright | NFCU CashRewards | NFCU More Rewards | AMEX BCE | Verizon Visa | Wells Fargo Platinum | Amazon Prime | OverStock
Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 6 of 30
Rebuild2019
Established Contributor

Re: PenFed Gold Visa Pre-Approval

Thanks @CreditCuriosity. Appreciate the info about the APR. If I did get approval I would used the 0.00%!balance transfer. Just don’t know if it would be a low s/l approval. Something to think about. Thanks for weighing in.

CARDS: Discover It | QuickSilver One | Kohl’s | BB&T Spectrum Cash Rewards | BB&T Bright | NFCU CashRewards | NFCU More Rewards | AMEX BCE | Verizon Visa | Wells Fargo Platinum | Amazon Prime | OverStock
Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 7 of 30
CreditMagic7
Super Contributor

Re: PenFed Gold Visa Pre-Approval

Congratulations on your offer!

 

I would go forward with it as it's a solid forward step for your credit profile at this stage and opens up other PenFed opportunties.

 

The fact they offered you a preapproval with set terms is nothing to sneeze at. It CAN lead to better term PenFed Cards and attainable products from them.

 

Best Of Luck! Smiley Happy

 

 

Message 8 of 30
AllZero
Super Contributor

Re: PenFed Gold Visa Pre-Approval


@Rebuild2019 wrote:
Thanks @CreditCuriosity. Appreciate the info about the APR. If I did get approval I would used the 0.00%!balance transfer. Just don’t know if it would be a low s/l approval. Something to think about. Thanks for weighing in.

CC did make an excellent point. You could also just join for membership to at least start ageing your membership.

 

Hopefully, it'll be SP to join.

Message 9 of 30
SifiUSa
Valued Member

Re: PenFed Gold Visa Pre-Approval

It's always an HP to join Penfed.

Message 10 of 30
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